Benzinga | Jul 31, 2020 11:13AM EDT

Why Applied DNA Sciences' Stock Is Trading Higher Today

Applied DNA Sciences, Inc. (NASDAQ:APDN) shares are trading higher after the company announced the FDA granted an Emergency Use Authorization amendment that increases the company's COVID-19 diagnostic kit testing capacity through the use of automated RNA extraction.

"The company believes the amendment can greatly enhance the efficiency of laboratories across the country who adopt the diagnostic kit while expanding by more than tenfold the target installed base of authorized RT-PCR equipment. To match the potential for higher demand, the company is increasing production of its diagnostic kit," according to the press release.

Applied DNA Sciences is a provider of DNA-based supply chain, anti-counterfeiting, and anti-theft technology.

Applied DNA's stock was trading up 16% at $10.10 per share on Tuesday at the time of publication. The company has a 52-week high of $19.69 and has a 52-week low of $2.52.